Navan, a platform that promises to simplify the business of corporate travel and expenses, is still dallying towards its long-slated IPO, with the company’s CEO forecasting that the business will reach profitability this year and is “not far” from going public.
Counting Heineken, Shopify, Zoom, and Pinterest among its customers, Navan’s made a splash in the working world, as a growing list of organizations use the online booking platform to lighten the logistical hassle of organizing hotels, flights, corporate cards, and other expenses for their employees.
The company started life in 2015 as TripActions, but changed its name to a portmanteau of “navigate” and “avant” (apparently as in "avant-garde") in 2023, and whispers of a potential IPO have abounded for years. After seeing its valuation soar above $1B in 2018 and growing further since, the company has reportedly considered going public in 2023, 2024, and 2025 — despite Covid’s impact on the travel industry — cutting its workforce and building its leadership team ahead of the rumored offering.
System overload
Navan could be viewed as another ripple in the ever-growing wave of software services that companies use to outsource some of their more time-sapping internal processes. There’s all-in-one platforms like Oracle and Workday, which is used — and seemingly semi-despised — by more than 50% of Fortune 500 companies; payroll and HR management tools like Gusto; Workable and Greenhouse which are for applicant tracking; Checkr which runs background checks; and a meme-sparking array of others that do almost everything else.
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Paramount reportedly receives $24 billion from Gulf funds to back its Warner Bros. takeover
Three Middle East sovereign wealth funds have agreed to back Paramount’s takeover of Warner Bros. Discovery to the tune of roughly $24 billion, according to Wall Street Journal reporting.
The company’s triumph over Netflix in the bidding war came thanks in part to financial backing from Oracle cofounder Larry Ellison, billionaire father of Paramount CEO David Ellison.
Saudi Arabia’s PIF, which last year led the $55 billion deal to take Electronic Arts private, will provide about $10 billion in the deal. The Qatar Investment Authority and Abu Dhabi’s L’imad Holding Co. is also involved.
According to the WSJ, the funds will not receive voting rights in the combined Paramount-Warner company. Those working on the deal don’t expect the Gulf funds’ involvement to spark any additional regulatory reviews.
The company’s triumph over Netflix in the bidding war came thanks in part to financial backing from Oracle cofounder Larry Ellison, billionaire father of Paramount CEO David Ellison.
Saudi Arabia’s PIF, which last year led the $55 billion deal to take Electronic Arts private, will provide about $10 billion in the deal. The Qatar Investment Authority and Abu Dhabi’s L’imad Holding Co. is also involved.
According to the WSJ, the funds will not receive voting rights in the combined Paramount-Warner company. Those working on the deal don’t expect the Gulf funds’ involvement to spark any additional regulatory reviews.
Allbirds, the once buzzy multibillion-dollar sneaker startup, is selling up for $39 million
That’s less than 1% of its peak market cap about four years ago.
JetBlue is raising its bag fees as fuel costs squeeze airlines
JetBlue will reportedly hike its bag fees, as the cost of jet fuel continues to climb amid the war in Iran. It’s the latest example of carriers finding ways to push rising costs onto travelers.
Last week, United Airlines CEO Scott Kirby said that if fuel prices remain elevated, fares would need to rise another 20% for his airline to break even this year.
As CNBC reported, when one airline raises fees, others tend to follow.
Earlier this month, JetBlue hiked its first-quarter outlook for operating revenue per seat mile to between 5% and 7%, saying that strong Q1 demand helped “partially offset additional expenses realized from operational disruptions and rising fuel costs.” Now, the carrier appears to be making moves to further boost revenue to offset those costs.
Earlier on Monday, JetBlue rival Alaska Air lowered its Q1 profit forecast. The refining margins for the carrier’s cheapest fuel option — sourced from Singapore and representing about 20% of Alaska’s overall supply — have spiked 400% since February.
JetBlue did not immediately respond to a request for comment.
As CNBC reported, when one airline raises fees, others tend to follow.
Earlier this month, JetBlue hiked its first-quarter outlook for operating revenue per seat mile to between 5% and 7%, saying that strong Q1 demand helped “partially offset additional expenses realized from operational disruptions and rising fuel costs.” Now, the carrier appears to be making moves to further boost revenue to offset those costs.
Earlier on Monday, JetBlue rival Alaska Air lowered its Q1 profit forecast. The refining margins for the carrier’s cheapest fuel option — sourced from Singapore and representing about 20% of Alaska’s overall supply — have spiked 400% since February.
JetBlue did not immediately respond to a request for comment.
